The North America stainless steel round bars market is expected to reach USD 2.09 billion by 2022, according to a new report by Grand View Research, Inc. Growing need for the product in oil & gas, construction, automotive, aerospace and mining is expected have a positive impact on the sector over the next seven years.

Rising need in oil & gas sector on account of their corrosion resistant properties is expected to increase penetration over the next seven years. In addition, increasing consumption in construction sector along with emergence of new players in the region will stimulate industry expansion over the forecast period.

Technology advancements in terms of hydraulic fracturing has resulted in increased offshore oil exploration in New Mexico, Alaska and on the Atlantic coast in the U.S., thus propelling product demand. However, high manufacturing cost along with rising nickel prices is expected to challenge growth over the next seven years.

In U.S., Texas dominated the stainless steel round bars sector in 2014 and is expected to gain share in light of increasing oil & gas production in the state. High need from transportation, construction, mining and manufacturing sectors is expected to have a positive impact on growth over the next seven years.

North America demand was 308.8 kilo tons in 2014 and is expected to grow at a CAGR of 5.3% from 2015 to 2022.

High nickel alloys is expected to witness significant growth with CAGR of 5.4% from 2015 to 2022 on account of increasing use in construction sector on account of superior properties including corrosion resistance, heat resistance and strength. Increasing need in chemical & petrochemical processing, heat exchanger & piping systems and nuclear power plant will propel demand over the forecast period.

Mexico was the second largest market in 2014 and accounted for over 10% of the global volume. It expected to witness considerable growth owing to tremendous rise in the automotive sector in light of increasing production of cars and light trucks.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.